HomeAltcoin NewsBitcoin Cash Analysis: Bulls Aim Upside Break above $700

Bitcoin Cash Analysis: Bulls Aim Upside Break above $700

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  • Bitcoin cash price started a fresh increase above the $650 resistance against the US Dollar.
  • The price is now trading above the $650 zone and the 55 simple moving average (4-hours).
  • There is a key bullish trend line forming with support near $660 on the 4-hours chart of the BCH/USD pair (data feed from Coinbase).
  • The pair could continue to rise if it clears the $680 and $690 resistance levels.

Bitcoin cash price is moving higher above $650 against the US Dollar, similar to bitcoin. BCH/USD must stay climb above $680 to continue higher in the near term.

Bitcoin Cash Price Analysis

After forming a base above the $600 level, bitcoin cash price started a fresh increase. BCH broke many hurdles near the $660 level to move into a positive zone.

The price even broke the $680 resistance and the 55 simple moving average (4-hours). However, the price failed to gain pace above the $6900 level. A high was formed near $693 and recently it started a fresh decline. There was a clear break below the $680 and $650 support levels.

The price traded as low as $624 before it recovered losses. The price is back above the $650 level and the 55 simple moving average (4-hours). There was a break above the 50% Fib retracement level of the downward move from the $693 swing high to $634 low.

It is now consolidating below the $680 resistance zone. The next major resistance could be $690. The main breakout zone is near the $700 level. A clear break above $690 and $700 might trigger a sharp upward move.

On the downside, an initial support is near the $660 level. There is also a key bullish trend line forming with support near $660 on the 4-hours chart of the BCH/USD pair. A downside break below the $650 support zone could open the doors for a larger decline. The next major support is near the $620 level, below which the bears might aim a test of $600.

Bitcoin Cash Price
Bitcoin Cash Price

Looking at the chart, bitcoin cash price is now trading above the $650 zone and the 55 simple moving average (4-hours). Overall, the price could continue to rise if it clears the $680 and $690 resistance levels.

Technical indicators

4 hours MACD – The MACD for BCH/USD is now gaining pace in the bullish zone.

4 hours RSI (Relative Strength Index) – The RSI for BCH/USD is above the 50 level.

Key Support Levels – $660 and $650.

Key Resistance Levels – $680 and $690.

Aayush Jindal
Aayush Jindal
Aayush has spent over seven years as a financial markets contributor and observer. He specializes in market strategies and technical analysis, comes with an IT background. He possess strong technical analytical skills and is well known for his entertaining and informative analysis of the currency and commodities markets. He is a software engineer by profession, loves blogging and observing financial markets.

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